Ryanair Wants Boeing Reboot

Ryanair CEO Michael O’Leary has called for a shakeup of management at U.S. aircraft giant Boeing (NYSE:BA), after delivery delays and a period of fractious negotiations between the two companies.

The Irish low-cost airline terminated talks over a substantial order of Boeing 737 Max 10 jets worth tens of billions of dollars in September 2021, after failing to agree on pricing. Executives from both companies are due to return to the table in the coming weeks.

Ryanair is Europe’s largest customer of the narrow-body 737 Max, and had spoken of a fresh order potentially worth around £33 billion for up to 250 of the larger, 230-seat Max 10.

O’Leary told media outlets following Ryanair’s full-year results on Monday that the company had been “very disappointed with the performance” of Boeing from a commercial perspective over the last 12 months.

Boeing reported a larger-than-expected quarterly loss and below-consensus revenue for the first quarter of 2022, posting a net loss of $1.2 billion.
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Ryanair on Monday posted a 355-million-euro ($369.06 million U.S.) net loss for the 12 months to the end of March, with the COVID-19 pandemic still weighing on international travel.

The company said it was unable to provide accurate forward profit guidance due to the uncertainties surrounding the war in Ukraine and the pandemic, but that it hopes for a return to “reasonable profitability” this year.

BA shares took flight $2.45, or 1.9%, to $129.65